Luxury Housing Market Heats Up

Real Estate

BY JENNIFER PUTNAM SRQ DAILY SATURDAY PERSPECTIVES EDITION SATURDAY SEP 16, 2017

We’ve been hearing it for months now—Sarasota’s real estate market, economy, tourism and population are at an all-time high. Credit the booming local economy, increased consumer confidence, low unemployment or the cyclical nature of business. Its affects are particularly noticeable in one rapidly growing area: the luxury housing market.

Luxury home transactions in Sarasota County rose 91 percent in July compared to the same month last year and 14 percent compared to June, according to new data released by Coldwell Banker Residential Real Estate. The data measures publicly recorded closed luxury property sales of $1 million or more throughout Sarasota County.

While sales increased substantially to a total of 42 transactions, prices slipped to a median of $1,397,500 in July, a decline of 21 percent from last July and down seven percent from June.  As luxury properties made improvements in affordability, overall sales reflected the change positively and translated to a great time to buy.

The increasing population in Sarasota County is credited for this shift. Economic consultant firm Fishkind & Associates estimates that by the year’s end, 21,030 new residents will have relocated to North Port, Bradenton and Sarasota this year. If those estimates hold true, that puts the area’s total population count around 810,535 by the end of 2017.

Economic confidence among Floridians is also on the rise, according to the University of Florida Consumer Sentiment report. The research center states that consumer sentiment is at its second-highest over the past 15 years. Consumers are more confident in their personal finances and this has affected Sarasota’s luxury market.

While housing markets around the country typically experience a slowdown as summer comes to a close, we are not finding that true in Sarasota County. The luxury housing market is as healthy as ever.

Jennifer Putnam is the regional vice president of Coldwell Banker Residential Real Estate, Southwest Florida. She can be reached at Jennifer.putnam@floridamoves.com. 

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